Report Analytical Group: Oil prices will continue to fall

Baku. 7 July. REPORT.AZ/ Price for Brent crude oil may drop to $ 52/barrel at the world market in the near future.

As analytical group of the Report News Agency says, oil prices started to fall in price from 19 June, 2014 to 115.7 USD per barrel, and on January 13, 2015 fell to its lowest level - 47.68 USD a barrel. After this period, due to some technical support oil price started to increase and on July 5, 2015, the price of oil reached 69.16 USD a barrel.

Further oil again began to fall in price yesterday, Brent suspended growth trend, which began on January 13,2015. This suggests that, if there is no significant positive news, the price of oil will not exceed 61-62 USD a barrel. It's expected, the price of oil could fall to 52 USD a barrel, after what the price of Brent crude oil may drop to a minimum, observed on January 13, that's to say, to 47.68 USD/ barrel", the analysts said.

For this reason, experts of Report Analytical Group believe that, oil will be sold at the lowest prices this year.

Today, on July 7, 2015, the final decision on "P5+1" and Iran will be revealed. The sharp decline in oil prices in recent days is related with the probability of positive agreement Iran and the West. In the case of the lifting of sanctions, Iran will significantly increase oil production, which will lead to an increase in supply in the oil market and reduce of the current price.